FTS (Fund Transfer System)

The Central Bank of UAE has announced the launch of an enhanced local electronic funds transfer system (UAEFTS). These enhancements will improve payment and returns processing times for electronic payments within the UAE. The following changes will apply to all domestic UAE Dirham (AED) payment instructions processed via your accounts maintained in UAE from 14 April 2012. Effective 14 April 2012, all customers are required to provide a valid Transaction Type Code (listed below) to allow banks to accept and process payment instructions. Any payment instruction submitted to Bank Saderat Iran without a valid Transaction Type Code may be rejected, OR delayed. Salaries processed via The Wages Protection System (WPS) do not require a Transaction Type Code. IBAN was implemented on 19 November 2011 with a grace period ending on 12th April, 2012. Therefore, effective 14 April 2012, all domestic payment instructions are required to contain an IBAN in the beneficiary account number. Any payment instructions including WPS payments submitted without IBAN, with the exception of credit card payments, are subject to rejection by the UAEFTS. If you have standing orders/instructions for effecting payments in future, you also need to amend the same, by providing a valid Transaction Type Code and IBAN equivalent for the beneficiary account. Please be advised that, as per Central Bank guidelines, starting April 14th 2012, credit to accounts held in banks operating in the UAE will be affected solely based on the beneficiary IBAN. As a valued customer of us, we would advise you to provide your proper IBAN to your payers and also obtain valid IBAN numbers from your payees. The list of valid Transaction Type Code with description is as below:

Code

Description

Usage Restriction

SAL

Salary The code is to be used for making salary payments to employees.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME,CORPORATES.

ALW

Allowances The code is to be used for making payments to employees for allowances.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME,CORPORATES.

BON

Bonus The code is to be used for making bonus payments to employees.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME,CORPORATES.

COM

Commission The code is to be used for making commission payments to employees.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME,CORPORATES.

COP

Compensation The code is to be used for making payments to employees for compensation.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME,CORPORATES.

EOS

End of Service The code is to be used for making payments to employees for their end of service benefits.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME,CORPORATES.

LAS

Leave Salary The code is to be used for making leave salary payments to employees.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME,CORPORATES.

OVT

Overtime The code is to be used for making payments to employees for overtime

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES.

TKT

Tickets The code is to be used for making payments to employees for tickets

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES.

ACM

Agency Commission The code is to be used for making payments to other companies for agency commissions

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES.

CCP

Corporate Card Payment The code is to be used for making payments to cards held in the name of the company.

Only to be used by NON-RETAIL account holders (non-Individuals), such as SME, CORPORATES.

CRP

Credit Card Payments The code is to be used for making credit card payments

Only to be used RETAIL account holders (Individuals

CHC

Charitable Contributions The code is to be used for making contributions to designated accounts held by charitable institutions

Can be used by all types of Customers.

REM

Remittance The code is to be used for making any payments to individuals or non-individuals accounts for any payments that cannot be classified in any of the codes described above.

Can be used by all types of Customers.

CBP

Cross Border Payments

Can be used by all types of Customers.

INV

Miscellaneous Payment with Invoice Details

Can be used by all types of Customers.

ROB

Miscellaneous Payment with Beneficiary Customer Reference

Can be used by all types of Customers.

ROC

Miscellaneous Payment with Ordering Customer Reference

Can be used by all types of Customers.

Please be advised, the codes that can be used are dependant on the type of account that you hold in the books of Bank Saderat Iran.
For Transaction Type Code with reference number (INV, ROB, ROC) please provide the reference number in customer reference field.
For further information you may;
Contact your Relationship Manager
Visit your nearest BANK SADERAT IRAN branch
We thank you for banking with BSI.
Yours sincerely
To get more information please click on the folowing link :
CBUAE Payment and Settlement Systems